EDUCATION LOAN ALL DETAIL IN PDF IN GUJARATI LANGUAGE
Education
Loan is the one service which has helped for years to aid aspiring
students in achieving their academic pursuits.Many-a-times students stop from
pursuing higher education because of financial limitations. But its a curious
and enlightening fact that many eminent personalities like Barack Obama and Ted
Cruz have studied with education loans and achieved great feats. Students who
have more information about education loan norms and are ambitious enough to
attain good education are always able to pay back their education loan. All
information about knowing the education loan phenomenon is listed below so that
you can asses if you can avail an education loan in India to attain the kind of
worthy education you deserve.
What
is education loan?
Loans are termed as money
or assets shared with any demandant/applicant with a promise of repayment in
future by a certain timeline. Although the financial system has turned this
simple definition to a more twisted technical concept, the core idea remains the
same. Students in need of huge consolidated funds for pursuing their education
generally take the education loan in India, from banking
institutions. Applicants with aspirations to pursue courses with outcomes of
employability or business generally are able to secure these loans for their
higher education.
What are the types of
education loan? What is Study Abroad Education Loan?
Study loans can be of as
many types as the education programs they fund. There are skill based student
loans, student loans for study abroad programs, student loans for diploma
courses etc. In a broader category, they are put together as:
Domestic Education Loan
study abroad Education
Loan
These study loans can be
further categorized based on the educational level of the applicant as well.
They are also categorized based on secured loans and non-secured loans
depending upon the necessity and availability of collateral/guarantee from the
applicant. There are other categories as well described below:-
Based on Education course
type
Higher Education Loan: for
degree/graduation
Diploma Student Loan: for
diploma/professional courses for skill-based learning
Professional Study Loan:
for post-graduation/doctoral/post-doctoral education
Based on the security of
collaterals/guarantee
Secure Loans: covered by
collaterals, tangible or non-tangible guarantee, third-party guarantee
Non-Secured Loan: not
covered by any guarantee or collateral and thus liable to risk or forfeit
Based on loan collateral
type
Loan against property:
agricultural and non-agricultural land/flat/house etc.
Loan against deposits:
fixed deposits/recurring-deposits/gold-deposits
Loan against securities:
equity shares/debentures/bonds etc.
Loan against third-party
guarantee: certificate of guarantee from the home bank (for study loan
application to another bank), certificate of guarantee from employer (in
some cases)
How does education loan work?
Education loan help
students pay not only academic fees but also non-academic expenses during their
studies. The provision of student loan, like any other loan, comes on the
payment terms of an interest amount over the originally borrowed money.
Commonly known as Study Loan EMIs, the monthly installments paid against the
student loan allow applicants to repay the loan amount borrowed step-by-step.
Who can avail education loans?
Education loans in India are only limited to higher education,
albeit scholastic education in India being equally expensive. Study loans are
provided to students who’re at least pursuing a professional course approved by
government bodies after completing their SSC (10th class or
equivalent) and HSC (12th class or
equivalent).
Who can provide education loans?
Banking institutions in
India which are allowed to provide education loan have to be approved by Indian
Banking Association (IBA). These banking institutions are obligated to follow
the CSIS (Central Sector Interest Subsidy Scheme) and other regulatory norms to
provide the services which are in the best interest of student loan applicants.
The two common types of institutions which are allowed to provide study
loans in India are:-
Registered banking
institutions
Non-Banking Financial
Institutions (NBFCs)
Education loan from registered banks (features/benefits/conditions)
Accountability of
transactions
Study Loan insurance
facility available
Lower rate of interest for
loan
Higher education loan
tenure
Extra features like
part-payment, health cover, etc.
Interest Rate subsidies and
tax rebates
Education loan from non-registered banks/NBFCs (features/benefits/conditions)
Higher education loan
amount availability
Low processing time
Low or no need of
collateral (even for high student loan amount)
Higher interest rates
Tough repayment timeline
Extra features like loan
against movable property/bullion (gold/diamond deposit loans)
Wider course and
institution eligibility options for applicants
Higher processing fees
Lower moratorium period
(holiday period when applicants can choose to not pay the EMIs)
It is strongly suggested that students should apply for study loan at a banking institution regulated by IBA and RBI. Only these institutions provide loans which are considered safe in terms of financial security and anti-theft norms.
generally fall in the category of registered banks but there are other NBFCs too, which are becoming more popular with their quick service and easier norms. There is another method by which students can find the best possible blend of services provided by both NBFCs and registered banks. They can opt for Student Loan Experts or Student Financing Institutions. Education loan experts like Buddy4Study EduLoans provide the best of what NBFCs and ‘Registered Banks’ have to offer.
Features of student financing institutions like Buddy4Study EduLoans
Provide customized
education loan (high loan amount, low-interest rate and maximum expense
coverage, etc.)
Can help provide student
loan from foreign banking institutions as well
Can help get extra
additional services which do not come packaged with standard loans
Study loan for scholastic
education available
Relaxed eligibility norms
of age, course, and economic background
What are the education loan features? What are the education loan benefits?
What are
the expenses covered by the Education Loan?
Education loans cover all sorts of academic expenses of any
student. Almost all banking institutions provide loans that cover not only
tuition fees but other institutional expenses as well. Students should still
check if the bank of their choice covers all expenses they are meant to incur.
Higher education especially abroad includes following vivid academic expenses
that student loans cover:-
Academic Expenses:
Academic Expenses:
Tuition Fees
Capitation Fess
Registration Fees
Counselling Fees
Examination Fees
Study visits and
educational tour fees
Laboratory Fees
Library Fees
Hostel fees/transport fees
Mess-Food expenses
Non-Academic Expenses
Building Fees
Fixed/Student welfare
contribution
Refundable caution money
Transport and commute
expenses
Equipment and project
expenses
Laptop, 2-wheeler,
transport-pass, wheelchair expenses (necessary)
Student insurance
In-flight expenses, outward
remittances (study abroad)
Entrance exam fees SAT
Exams, LSATS, GRE, GMAT, TOEFL, MCAT, etc.
What are the qualities of a good education loan?
Education loans are mostly
identified by their core terms and conditions, as these decide the extra amount
that students have to pay while repaying the loan. These terms and conditions
are laid out in the form of:
Study loan interest rates
Study loan eligibility
criteria
Collateral requirements
Loan repayment conditions
A detailed account of what
a study loan comprises is listed below:-
EDUCATION LOAN ALL DETAIL IN PDF IN GUJARATI LANGUAGE...MUST READ
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